Bitmine Immersion Technologies (BMNR), the largest Ethereum treasury company, bought 27,084 ether (ETH) last week, extending its accumulation streak despite another slide in crypto prices.

The purchase, worth roughly $43 million based on ETH’s current price of around $1,580, lifted Bitmine’s holdings to 5.7 million ETH, according to a Monday company update. The stash is worth about $8.9 billion and represents roughly 4.7% of Ethereum’s circulating supply, nearing the firm’s 5% goal.

The company also held 206 bitcoin, $555 million in cash and marketable securities and stakes in Beast Industries and Eightco Holdings, bringing total crypto, cash and investment holdings to $9.8 billion.

The latest acquisition was the smallest purchase since early May, down from 52,203 ETH the previous week and well below the 126,971 ETH batch earlier this month, suggesting the company is dialing back its buying pace after months of aggressive accumulation. Bitmine nevertheless remains one of the few large digital asset treasury firms still consistently adding to its crypto holdings while many peers have paused purchases amid the market downturn.

Crypto weakness

Chairman Thomas “Tom” Lee pointed to quarter-end rebalancing behind the latest bout of weakness in crypto markets with investors cutting their losses as we enter the second-half of the year.

Prediction-market operators have increasingly moved to own more of their trading infrastructure, setting the stage for an acquisition wave across crypto exchanges, sportsbooks, brokerages and trading venues, according to Bernstein.

According to a research report published by Bernstein on Monday, the sector is entering a period of operational consolidation as consumer-facing platforms bring together distribution, brokerage, exchange and clearing functions under one roof instead of relying on outside providers.

The analysts wrote that “every consumer platform that matters has merged the front and back end of the prediction-market stack,” arguing that businesses once separated across financial trading, crypto and sports betting are now competing within the same market.

Consumer platforms are taking control of trading infrastructure

Recent product launches and acquisitions illustrate the trend outlined by Bernstein. Robinhood now routes major FIFA World Cup prediction contracts through Rothera, the exchange it jointly owns with Susquehanna, while DraftKings has introduced DKeX and redirected trading volume away from infrastructure supplied by CME and Crypto.com.

Coinbase has also expanded its presence by acquiring The Clearing Company and launching its own event contracts, a move Bernstein cited as another example of platforms assembling every part of the prediction-market business.

Instead of paying third parties for execution, clearing or exchange services, companies that own the full trading stack can keep more of the fees generated by customer activity. Bernstein said acquisitions may therefore become the fastest way for platforms to obtain licenses, reach new users or add missing infrastructure rather than building those capabilities internally.

Outside the crypto sector, traditional financial exchanges have also begun entering the market. Last week, Cboe Global Markets introduced Cboe Predicts, launching binary option contracts tied to the Mini-S&P 500 Index (XSP). Cboe said the products operate as security options under the existing U.S. regulatory framework for listed options, allowing traders to take yes-or-no positions on where the index finishes.

Large technology companies are also exploring the space. Meta has reportedly assembled a team to develop Arena, a prediction-market application expected to compete with platforms including Polymarket and Kalshi. According to reports, Arena will rely on a points-based system similar to video games instead of real-money wagering.

Regulatory disputes could slow dealmaking

While Bernstein sees economic incentives for consolidation, the firm warned that regulation remains one of the biggest obstacles to larger transactions.

The report said combinations involving crypto exchanges, brokerages, sportsbooks and derivatives venues could improve profitability by reducing dependence on external providers.

At the same time, Bernstein cautioned that such deals may attract antitrust scrutiny while intensifying debate over whether sports event contracts should be treated as financial derivatives or gambling products.

Regulatory disagreements are already emerging across the U.S. Bernstein noted that Minnesota has enacted what the Commodity Futures Trading Commission described as the first outright ban on prediction markets, while Illinois has passed legislation requiring platforms to obtain a state license before offering sports event contracts.

Kalshi has challenged both measures, arguing that exchanges regulated by the CFTC fall under the agency’s exclusive jurisdiction rather than state gambling authorities.

According to Bernstein, the commercial logic behind consolidation remains intact, but many of the largest acquisitions may prove difficult to complete until courts and regulators establish where federal derivatives oversight ends and state gambling regulation begins.

Ethena said its yield-generating “synthetic dollar” token will be integrated into BlackRock’s (BLK) Aladdin risk management platform as the crypto protocol is deepening its relationship with traditional finance firms.

The Monday announcement sent Ethena’s governance token ENA (ENA) up about 8% on the day as investors welcomed another high-profile institutional partnership.

Aladdin is BlackRock’s portfolio construction and risk management platform used by banks, insurers, pension funds and asset managers overseeing more than $20 trillion in combined assets.

Ethena also said BlackRock’s tokenized money market fund, BUIDL, will serve as the primary reserve asset for a forthcoming white-label product.

The firms also unveiled a $100 million liquidity facility that will allow eligible holders of BlackRock’s tokenized Treasury fund, BUIDL, to exchange their holdings for USDC, USDtb and other supported stablecoins outside traditional market hours, and convert those assets back into BUIDL.

“We believe stablecoins and tokenized real-world assets to be inextricably linked,” Robert Mitchnick, BlackRock’s head of digital assets, said in a statement. “This liquidity facility enables a level of frictionless interoperability that is core to the unique utility that tokenizing treasury funds makes possible.”

The growth case rests on a simple dynamic: as bitcoin ownership broadens and prices rise, holders increasingly want to borrow against appreciated collateral for tax efficiency, working capital or lifestyle needs, while lenders gain comfort underwriting overcollateralized loans secured by a highly liquid asset.

The bitcoin lending industry was reshaped by the failures of Celsius, BlockFi, and Genesis during the 2022–2023 crypto credit crisis. While each firm had different business models, they shared common vulnerabilities: maturity mismatches, excessive leverage, concentrated counterparty exposure and the rehypothecation of customer assets.

Their collapses underscored the importance of conservative underwriting, transparent risk management, and fully collateralized lending-principles that have become the foundation of the next generation of BTC-backed lenders, the SVB report said.

Landmark transactions, including Ledn’s $188 million asset-backed security, the first bitcoin-collateralized deal to receive an investment-grade rating from a Nationally Recognized Statistical Ratings Organization, underscore growing confidence in BTC-backed credit structures, according to SVB.

While bitcoin-backed loan rates still generally range from 7.5% to 16% annual percentage rate (APR), well above comparable traditional financing, SVB expects increased participation from banks and private credit funds to narrow spreads over time. Early signs are already emerging, including Strike’s recently announced 7.5% rate on term loans larger than $5 million, backed by a $2.1 billion credit facility from Tether.

“This is the first time that seized crypto assets have actually been handed over to state management,” the statement reads. The funds came from wallets controlled by a member of an alleged international hacker group, the office said.

However, fund management involves custody of the digital assets, not ownership. The USDT sits in a wallet ARMA controls but has not been formally confiscated, a step that requires a conviction. ARMA already manages seized homes and cars, yet has no record of taking crypto onto its books.

Investigators accused the group of attacking people and companies in Europe and the U.S., stealing private data, demanding ransoms and laundering proceeds in Ukraine through real estate, cars and other high-value property.

Four suspects, including the alleged organizer, have been detained and remain in custody, the statement adds, and have not yet been convicted. Investigators estimate the damage from the group’s activities at more than $100 million.

Authorities have so far seized assets worth over $11.1 million, including homes, apartments, cars, $1 million in cash and virtual assets equal to more than $8.3 million.

The blog comes as the Senate races to advance the Digital Asset Market Clarity Act before lawmakers break for their August recess. While the bill cleared the Senate Banking Committee, negotiators are still trying to resolve several contentious issues, including ethics rules for senior government officials with crypto ties, liability protections for decentralized finance developers, stablecoin yield provisions and concerns from Senate Agriculture Committee Democrats.

Industry groups remain optimistic that the legislation can reach the Senate floor in July, but analysts have warned that failing to pass it before the August recess would sharply reduce its chances of becoming law this year.

In JPMorgan’s view, assets that function like securities should continue to follow securities laws regardless of whether they are issued on a blockchain. Likewise, decentralized trading platforms that serve as exchanges or brokers should be held to the same standards for market integrity, disclosure and customer protection.

JPMorgan also devoted considerable attention to stablecoins, an area where many banks see both commercial opportunity and competitive pressure. While stablecoins and tokenized deposits could improve payment efficiency, the executives warned against allowing products that resemble bank deposits to operate outside the capital, liquidity and consumer protection rules that apply to banks. Features such as rewards or cashback for holding balances, they wrote, could lead consumers to assume they have protections that may not exist, increasing the risk of rapid withdrawals during times of market stress.

BNY has upgraded its Digital Asset Custody platform to support client use of Circle’s USD Coin (USDC), adding the ability for institutional users to convert US dollars to USDC, store it, and later redeem it back into dollars through the bank.

The bank says this makes USDC the first stablecoin available on its custody service, with plans to expand to other stablecoins and related “digital cash” workflows over time. The move follows BNY’s broader push into crypto-adjacent infrastructure, including custody offerings for major tokens.

Key takeaways

• BNY’s Digital Asset Custody now supports USDC for institutional clients, including storage, transfers, and redemption into USD through the bank.
• Clients can convert dollars into USDC and redeem back into dollars directly within BNY’s platform workflow.
• BNY positions the upgrade as an extension of its existing role as custodian of assets backing USDC reserve arrangements.
• DefiLlama data referenced by BNY puts USDC at more than $73.8 billion in circulation, making it the world’s second-largest stablecoin by market capitalization.
• BNY’s step aligns with a broader wave of stablecoin-related product launches by major banks and asset managers.

BNY turns custody into a stablecoin cashflow tool

BNY’s announcement goes beyond basic custody support. According to the bank, the platform enables institutional clients to convert USD into USDC and redeem USDC back into USD, with storage and transfers of USDC handled through BNY’s custody rails.

For investors and treasury teams, the practical value is that stablecoin operations can be consolidated inside an institution’s existing banking relationship rather than requiring separate workflows across multiple counterparties. While many crypto platforms can hold stablecoins, BNY’s framing emphasizes continuity with traditional banking functions—especially the ability to move between dollars and USDC.

BNY also said the service is intended to expand. Over time, it plans to add additional stablecoins and broader “digital cash” use cases, indicating this is the start of a wider product roadmap rather than a one-off integration for USDC.

Building on BNY’s USDC reserve-custodian role

The expansion is also positioned as a deepening of BNY’s existing partnership with Circle. BNY has previously served as the primary custodian of the assets backing USDC, and it is now extending that relationship from reserve safeguarding into client-facing stablecoin custody and operations.

BNY states that it oversees $59.3 trillion in assets under custody and administration and serves more than 90% of Fortune 100 companies. In its filing to contextualize the move, the bank also cited DefiLlama data showing USDC as the second-largest stablecoin by market capitalization, with more than $73.8 billion in circulation.

That matters because stablecoin adoption has often depended not only on token liquidity and ecosystem growth, but also on credible institutional infrastructure—particularly for regulated participants who want compliance-friendly custody, transfer controls, and clearer operational processes.

Stablecoin infrastructure is becoming a mainstream banking product

BNY’s latest upgrade lands in the middle of a wider trend: major financial institutions are developing products that sit alongside stablecoin issuance, reserve management, and—critically—compliance-aligned investment vehicles.

In May, JPMorgan filed to launch a tokenized money market fund aimed at stablecoin issuers, designed to allow reserve assets to be held in a regulated investment vehicle while earning interest. The proposal described an Ethereum-based fund investing in US Treasury bills and overnight repurchase agreements used to back payment stablecoins.

Earlier in the month, State Street launched a government money market fund for stablecoin issuers aligned with the GENIUS Act. According to the coverage cited in the article, the fund invests in US government securities and repurchase agreements and lists State Street Bank and Anchorage Digital among its initial investors.

Large firms are also exploring other angles of the stablecoin ecosystem. The article notes that Bank of America said it was exploring stablecoins to modernize payments infrastructure, while Fidelity Investments launched a US dollar-backed stablecoin (FIDD) after receiving conditional approval to operate a national trust bank.

While these initiatives are not identical—some target reserve investment structures and others focus on payments modernization—the underlying pattern is clear: traditional institutions are treating stablecoins less as an experimental fringe product and more as an infrastructure layer that can be standardized for regulated use.

Where the market stands for stablecoins

BNY’s move also fits the scale of the stablecoin market itself. The article cites DefiLlama estimates valuing the stablecoin sector at about $313 billion, with Tether’s USDT accounting for roughly 60% of that market.

USDC’s prominence is reflected in BNY’s cited circulation figure, and its position as a large, widely supported stablecoin helps explain why institutional custodians are prioritizing it. However, the next question for market participants is whether BNY’s platform expansion beyond USDC will concentrate on a handful of other major stablecoins or broaden across more issuers and tokens over time.

Investors and operators should watch how quickly BNY rolls out additional stablecoins and whether it extends the platform’s “digital cash” workflows into more payment or treasury use cases, since the pace of expansion will signal how seriously big banks are committing to stablecoin settlement as an operational standard rather than a pilot feature.

Bitcoin (BTC) nears the end of June and Q2 2026 threatening to lose $60,000 support. Can RSI divergences save bulls?

Key points:

• Bitcoin RSI data is printing key bullish divergences that were absent from previous dips in 2026.
• Traders remain concerned about a support collapse as analysis makes a key 2022 bear-market comparison.
• Macro data hinges on the labor market and Iran peace deal, with a potential crypto tailwind due.
• Where June fails, July historically comes through for Bitcoin bulls.
• Onchain data sees Bitcoin’s “first bottoming flag” already present.

Bitcoin RSI divergence stands out in 2026 bear market

A classic BTC price leading indicator continues to boost the odds of a recovery as June comes to an end, TradingView data shows.

BTC/USD one-week chart with daily, weekly RSI. Source: Cointelegraph/TradingView

As Cointelegraph reported, relative strength index (RSI) cues across multiple time frames are locking in bullish divergences with price.

“$BTC is printing a bullish RSI divergence while a potential double bottom forms,” Bitcoin whale Gerla, owner of the Gerla trading group, told X followers about the four-hour chart on Sunday. 

“This is getting interesting.”

BTC/USD four-hour chart with RSI data. Source: Gerla/X

The sense of anticipation is increasing across the trading community, with pseudonymous trader and commentator Heisenberg noting a key divergence between Bitcoin’s latest macro lows and previous dips in 2026.

“Small sample size but still noteworthy. Notice the last two oversold RSI divergences (in orange) formed bottoms,” they wrote alongside a chart on X. 

“The last two recent drops (in blue) had no RSI divergences… UNTIL NOW… Is this the one?”

BTC/USD one-day chart with RSI data. Source: Heisenberg/X

RSI divergences have accompanied some of the most significant trend changes in Bitcoin history, including the end of its previous bear market in late 2022.

$60,000 sparks mid-2022 comparison

Bitcoin saw modest upside as the week began after sealing a weekly close below $59,500 — its first since September 2024. $60,000 is now increasingly acting as resistance, with bulls unable to exert significant momentum.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

“Quite funny enough, this is not a bad start of the week for Bitcoin as it bounces upwards,” crypto trader and analyst Michaël van de Poppe responded in his latest X analysis.

“We need to see way more momentum, and a clear break above $61,000, however, the bullish divergence is there and shouldn’t be ignored.”

BTC/USDT 12-hour chart with RSI, volume, MACD data. Source: Michaël van de Poppe/X

With the monthly and quarterly closes approaching, trader Killa suggested that upcoming BTC price action would be particularly significant within the long-term trend.

“A few more days and $BTC reaches my 5th pivot. For the past 18+ months, we’ve consistently seen major directional shifts around this point at the start of each month,” the explained on Monday. 

“Whether it’s a pivot low or a pivot high, this is a key time to start paying close attention.”

BTC/USD chart. Source: Killa/X

Data from monitoring resource CoinGlass puts June losses for BTC/USD at nearly 19% — the worst since the 2022 bear market and the sharpest of the year so far.

BTC/USD monthly returns (screenshot). Source: CoinGlass

On the fate of $60,000, meanwhile, commentator Exitpump argued that patience was required.

“Significant support and resistance levels rarely break on the first attempt. They usually require a lot of time, effort, and repeated tests before finally giving way,” they wrote at the weekend. 

“60K now reminds me of 30K in 2022.”

BTC/USDT one-week chart. Source: Exitpump/X

Bitcoin spent several months interacting with the $30,000 mark in mid-2022 before finally losing it as support, putting in its bear-market low around five months later.

To the upside, Exitpump expected that a “full blown bull market will be back” once $86,000 reappears. 

PMI stands out for crypto in week’s macro prints

A mixed bag of US macro data makes for a “short but busy” four-day trading week to end Q2.

Wednesday will see the latest Manufacturing Purchasing Managers Index (PMI) report from the Institute of Supply Management (ISM) — a potential tailwind for crypto markets.

This continues its breakout from a multiyear downtrend, and estimates see bullish data continuing with a score of around 54, albeit with a potential mild decrease versus last month.

US manufacturing PMI data (screenshot). Source: ISM

Another focus is the labor market as the market reacts to various employment numbers, including the June nonfarm payrolls report on Thursday.

“We have a short but busy week ahead,” trading resource The Kobeissi Letter summarized in a thread on X.

Kobeissi noted that the week would start with a reaction to geopolitical developments as the US and Iran agree to discuss their fragile peace agreement.

“This week also marks the end of Q2 2026 with earnings season on the horizon,” it added.

In the latest edition of its regular newsletter, The Market Mosaic, trading resource Mosaic Asset Company suggested that seasonality could boost stocks next.

“The S&P 500 is about to enter one of the best months of the year for calendar seasonality,” it explained. 

“While weakness in the back half of June is common, July ranks as the best performing month based on data going back nearly 100 years.”

S&P 500 seasonality data. Source: Mosaic Asset Company

Bitcoin has seen mixed correlation activity versus equities in recent months, with even crypto-industry analysis calling the BTC-tech stock relationship “overblown.”

“$BTC vs S&P 500 back at the level it held during the Yen Carry trade blowup and the initial June low,” trader Daan Crypto Trades observed this weekend, referring to BTC price downside triggers over the past year.

“If you believe in people trading relative values or ratios on different assets, then you will see that this is an important level to hold for $BTC relative to stocks. Because down here there is not much support left until you’re at the late 2023 pre spot ETF rally levels.”

BTC/USD vs. S&P 500 one-week chart. Source: Daan Crypto Trades/X

Analysis expects July BTC price relief

While a copycat move by Bitcoin in the face of a stocks rebound is anything but guaranteed, history favors a return to strength as July begins. 

Recent research by trader and analyst Rekt Capital reveals that in previous years, July price performance tends to offer a counterpoint to what occurred in June.

“If history repeats for Bitcoin, then the pattern may be as follows for next couple of months: June ends as a red month, July could be green in response, And August could therefore be red to cancel out July’s upside completely,” he told X followers last week.

BTC/USD quarterly returns (screenshot). Source: CoinGlass

CoinGlass data confirms the divergence between June and July moves, with only three exceptions since 2013. Among them is 2025, when BTC/USD finished both months in the green.

So far this year, the pair is down 18.4% in June, its worst performance since the 2022 bear market.

As Cointelegraph reported, Rekt Capital believes that the latest bear trend still has months left to play out, with new lows possible as a result before a long-term floor is in. A chart uploaded to X put the bear market as 71% complete as of June 22.

BTC/USD one-month chart. Source: Rekt Capital/X

Bitcoin metric produces “first bottoming flag”

Opinions still differ when it comes to whether Bitcoin has already seen its bear-market bottom.

Related: Bitcoin falls under $60K, but traders anticipate 15% bounce

As Cointelegraph continues to report, market participants broadly agree that more progress is required before a convincing downtrend reversal enters.

In its latest research, onchain analytics platform CryptoQuant adds to that consensus — but with an early silver lining for Bitcoin bulls.

“Bitcoin is starting to show the first clear sign of a deeper market clean-up,” contributor I. Moreno wrote in a QuickTake blog post on Sunday.

Moreno referenced a lesser-known onchain indicator, the UTXO Block P/L Count Ratio Model. This compares the aggregate profitability of blocks of unspent transaction outputs, or UTXOs.

“In simple terms, it measures how broad the market’s profit base is beneath price. When the ratio is high, most UTXO blocks remain in profit. That usually reflects a market still carrying a large amount of unrealized gains, which also means higher distribution risk,” the post explains. 

“When the ratio collapses toward the lower range, the opposite happens: profitability compresses, losses become more widespread, and the market starts moving into a more advanced reset phase.”

Bitcoin UTXO Block P/L Count Ratio. Source: CryptoQuant

The Ratio currently measures 5.9, marking its lowest level since 2022 and one of its lowest on record. Moreno called it “Bitcoin’s first bottoming flag” of the current bear market.

“The main takeaway is that BTC is finally showing evidence of a meaningful internal clean-up. But if history is a guide, the market may still need to absorb more stress before the bearish phase can fully exhaust itself,” he concluded.